|To: richardred who wrote (2718)||4/23/2012 10:29:07 AM|
|FWIW-local news on ULBI-witch I still own|
Proposed Center Would Help Bring New Energy Ideas to the Market
By: Cristina Domingues
Leaders in the battery and energy storage industry in New York are hoping a proposed center at Eastman Business Park will help companies keep up with growing demand in what they say is a booming business.
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Ultralife Corporation manufactures batteries that go into everything from military equipment to medical devices. The company is always looking for what's next, so a large part of what it does is research and development. Then it works to make that new idea, a reality."We're doing it at high expense and at high difficultly at our own facility," said Andrew Naukam, Ultralife Corporation Vice President. "Right now, when we have to have a test done and we are not able to do it ourselves, we send it to another facility, sometimes out of state."
The process of bringing a new product to market can be expensive and lengthy. That's what the proposed NY-BEST Commercialization Center aims to help with.
The center would be one site that companies and universities could share, to help each other create prototypes for new product ideas, test them, do some pilot manufacturing and then get business assistance to take those products to market.
Community members, local and state leaders heard about the plans for the center at an event Friday.
"It could do amazing things," said Naukam. "First of all, it could get us a much more cost effective and quicker solution, so our products could be brought to market much more quickly than they are now."
Like Ultralife, there are dozens and dozens of companies working in the battery and energy industry. New York in 2010 led the nation in battery jobs. Experts say they're the jobs of today, and will be the jobs of the future with more and more fuel efficient cars in the market that need greater battery storage, and the needed energy storage that could help upgrade our state's ailing electric grid.
"These are industries that are both going to be multi-hundred billion dollar industries. Energy storage is a large industry today, but it's going to grow very rapidly over the next few years," said Dr. William Acker, Executive Director of NY-BEST, the New York Battery and Energy Storage Consortium, that is working to create the center in Rochester.
The first phase of the project estimated to cost $10-20 million, includes retrofitting Building 308 at Eastman Business Park, then bringing in the new equipment needed to make it a shared commercialization space.
The total project cost is about $35 million. The state has given $7 million dollars so far and leaders say they're confident they'll make up the rest needed through private funding.
"We have great ideas, we have great universities, we have a great workforce. The challenge is how to do you make those great ideas into products and services that will be bought in the marketplace and create jobs," said Greater Rochester Enterprise President & CEO Mark Peterson. "All we're doing is making sure we get a head start, that we can commercialize those great ideas and make those new jobs and that new investment happens right here at Eastman Business Park."
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|To: richardred who wrote (2732)||4/23/2012 1:30:33 PM|
|Landec Corporation Acquires GreenLine Foods, Inc.|
MENLO PARK, Calif.--(BUSINESS WIRE)--
Landec Corporation (Nasdaq: LNDC - News), a company that develops and markets patented products for food, agricultural and biomedical applications, announced today that its wholly owned food subsidiary, Apio, Inc., has acquired GreenLine Foods, Inc. from The Riverside Company, a global private equity firm. GreenLine Foods, headquartered in Perrysburg, Ohio, is the leading processor and marketer of value-added, fresh-cut green beans in North America. The acquisition is expected to be immediately accretive to Landec. For Landec’s upcoming fiscal year 2013 beginning May 28, 2012, GreenLine’s revenues are projected to be approximately $95 million to $100 million and EBITDA is estimated to be between $10 million to $11 million.
The acquisition of GreenLine combines two leading brands in the fresh-cut produce market, the Apio Eat Smart® brand and the GreenLine® brand, resulting in combined market presence in approximately 80% of North American retail grocery store sites, supported by GreenLine’s strategic and extensive East Coast processing and distribution facilities. GreenLine’s primary production facilities are located in Bowling Green, Ohio and Hanover, Pennsylvania. Additional production facilities are located in Vero Beach, Florida and Pico Rivera, California with distribution centers in Chester, New York and Rock Hill, South Carolina. The addition of GreenLine’s significant footprint on the East Coast and dedicated fleet of privately operated trucks complements and strengthens Apio’s California base of operations.
Under the agreement with Riverside, Apio acquired all of the outstanding equity interests of GreenLine for $63.0 million in cash with no assumed debt. The agreement also includes future earn-out potential for Riverside of up to $7.0 million based on GreenLine achieving certain financial targets during calendar year 2012. In conjunction with the acquisition, Apio obtained $31.8 million in term financing secured by Apio’s and GreenLine’s fixed assets. In addition, Apio entered into a five-year, $25.0 million working capital line, with an interest rate of LIBOR plus 2%, based on the combination of Apio and GreenLine accounts receivable and eligible inventory balances. The term debt is comprised of a $12.7 million equipment loan which matures in seven years with a fixed interest rate of 4.37% and a $19.1 million real estate loan that matures in ten years with a fixed interest rate of 4.02%. Both the term financing and the working capital line are being financed by GE Capital.
For the fiscal year ending May 27, 2012, Landec will record approximately $800,000 of acquisition related expenses. In addition, the Company will record approximately $1.0 million of loan origination fees which will be amortized over approximately seven years. The Company is forecasting that GreenLine’s operating results for the period from the close of the acquisition to our fiscal year end of May 27, 2012 will offset a majority of the acquisition related expenses.
For fiscal year 2012, as a result of including GreenLine operating results for the last five weeks, we are increasing our revenue guidance and maintaining our net income guidance. For fiscal year 2012, we now expect revenues to grow more than 10% compared to our previous guidance for revenues to grow 9% to 10% and we are maintaining our guidance for net income to grow approximately 40% compared to fiscal year 2011, after adding back the one-time impairment charge of $4.8 million to net income for fiscal year 2011.
Gary Steele, Landec’s Chairman and CEO, commented, “The acquisition of GreenLine is consistent with our strategy for profitable growth in our core businesses by investing in opportunities where we can accelerate growth while increasing our net income. GreenLine’s product line is synergistic with our well established channels of distribution and significantly expands Apio’s customer base, product line and geographic presence. In addition to providing greater penetration for our products in the market and advancing Apio’s long-term growth and profitability goals, we see operational and customer synergies that can be realized in the next 12 to 24 months.”
Ron Midyett, CEO of Landec’s Apio business, added, “U.S. consumer demand is growing for the convenience of pre-washed, trimmed and ready-to-cook fresh-cut green beans. GreenLine is benefiting from this growth based on its leading market position supported by strong produce sourcing and a national distribution network to ensure year-round supply of high quality fresh-cut green bean products to its customers. With this investment we have added new growth products, significantly expanded Apio’s customer base in retail grocery, added new foodservice customers, and acquired strategic East Coast processing and distribution facilities. These new capabilities will allow Apio to offer enhanced services to our customers with a broader range of products, all with a continued commitment to product quality and food safety.”
Concluded Steele, “The acquisition of GreenLine will serve to significantly grow Apio’s already strong market momentum demonstrated by Apio’s 19% unit volume growth in its value-added, fresh-cut specialty packaged vegetable business over the last nine months compared to the overall fresh-cut produce category growth in volume of 6.2%. Apio’s unit volume growth and market share, along with that of GreenLine, will continue to benefit from Apio’s focus on advancing and improving its competitive advantages in technology, product line breadth and quality, customer service and shipping logistics.”
A conference call will follow this release today Monday April 23, 2012 at 4:00 PM Eastern Time (1:00 PM. Pacific Time) during which senior management of Landec will answer investor questions concerning its acquisition of GreenLine. Interested parties have the opportunity to listen to the conference call live on the Internet at www.landec.com by selecting Investors and the Financial Releases & Events page. A replay of the webcast will be available for 30 days. Additionally, investors can listen to the call by dialing (866) 871-4460 or (703) 639-1468 at least five minutes prior to the start. A replay of the call will be available through Monday April 30, 2012 by calling (888) 266-2081 or (703) 925-2533, code #1576061.
Harris Williams & Co. was the exclusive advisor to Riverside and GreenLine.
About GreenLine Foods, Inc.
GreenLine Foods processes and distributes fresh trimmed green beans to retail and foodservice customers across the country. The company is the largest provider of fresh-trimmed, microwaveable packaged green beans in North America and manages the process from planting hybrid seeds through on-time delivery to customers. From its original product focus on fresh-trimmed microwaveable green beans, the company has added new produce items, including wax beans, bean blends, sugar snap peas and French green beans. GreenLine’s manufacturing process retains product quality, extends shelf life and reduces product spoilage. When GreenLine beans reach customers’ kitchens, they’re trimmed and ready to cook, ensuring quick preparation, consistent quality and easy storage that outlasts traditional bulk green beans. GreenLine’s primary production facilities are located in Bowling Green, OH and Hanover, PA. Additional production facilities are located in Vero Beach, FL and Pico Rivera, CA with distribution centers in New York and South Carolina. The company is headquartered in Perrysburg, Ohio. For more information, please visit www.greenlinebeans.com.
About Landec Corporation
Landec Corporation is a materials science company that leverages its proprietary polymer technologies, application development and innovation capabilities to develop and commercialize new products in food, agricultural, biomedical and industrial markets. Landec has two proprietary polymer technology platforms: Intelimer Polymers® and Sodium Hyaluronate (“NaHy”) that are the foundation for its business. Landec’s subsidiary, Apio, has become the leader in US fresh-cut specialty packaged vegetables by combining Landec’s proprietary food packaging technology with the capabilities of a large national food supplier, processor and distributor. Through its subsidiary, Lifecore Biomedical, Landec is now a premium supplier of hyaluronan-based materials and medical products to ophthalmic, orthopedic and veterinary markets worldwide. Landec’s Licensing Partnerships work closely with market-leading companies to develop and commercialize differentiated polymer-based products. For more information about the Company, visit Landec’s website at www.landec.com.
Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ materially, including such factors among others, as the timing and expenses associated with operations, the ability to achieve acceptance of the Company's new products in the market place, the severity of the current economic slowdown, the ability to integrate GreenLine’s operations into the Company, weather conditions that can affect the supply and price of produce, the amount and timing of research and development funding and license fees from the Company's collaborative partners, the timing of regulatory approvals, the mix between domestic and international sales, and the risk factors listed in the Company’s Form 10-K for the fiscal year ended May 29, 2011 (See item 1A: Risk Factors) which may be updated in Part II. Item 1A Risk Factors in the Company’s Quarterly Reports on Form 10-Q. As a result of these and other factors, the Company expects to continue to experience significant fluctuations in quarterly operating results and there can be no assurance that the Company will remain consistently profitable. The Company undertakes no obligation to update or revise any forward-looking statements whether as a result of new developments or otherwise.
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|To: richardred who wrote (3052)||4/24/2012 1:29:02 AM|
|EMC’s buy of XtremIO for $400M could spur M&A rush in flash storage|
EMC Corp is in the final stages of buying flash-memory storage company XtremIO for $400 million, a VentureBeat source has confirmed. The deal is the latest sign that the flash storage market is red hot, and it could spur other deals as other big players rush to bolster their own offerings.
Flash storage is big because it’s where all large enterprises are moving to store their massive amounts of data — because of its superior performance and lower price.
The EMC-XtremIO talks were first reported earlier today by the Israel-based tech publication, Globes. Our source said late Monday that the deal is not signed yet, but it is in “final stages of paper.”
XtremeIO is based in Herzliya, Israel, and has offices in San Jose, Calif., and talks have been building since EMC CEO Joseph Tucci went to Israel in December, the Globes reported. The two companies have ties in part because XtremeIO co-founder Shuki Bruck sold his previous company Rainfinity to EMC.
One rival company in this area is Fusion-io, a relatively young, but fast-growing publicly traded company that launched a new flash storage platform just last week. At the DEMO conference (which VentureBeat co-produces), the company announced a software development kit (SDK) to provide software developers with native access to its ioMemory flash platform, a first in the industry. However, Fusion-io is very small (valued at just $2.36 billion) compared to the bigger players in the industry, and may be more acquisition bait than the other way around.
Big competitors, including NetApp, H-P, Dell, IBM, and Hitachi Data Systems may feel pressured to get in the game and look for such companies to acquire, reports Derrick Harris. Indeed, NetApp was reportedly also trying to make a bid for XtremIO.
The all-flash array of the type XtremeIO offers will give EMC faster performance across both virtualized and big data environments, meaning it will also help EMC’s subsidiary VMWare, which focuses on virtualization. “Combined with EMC’s server-side PCI flash product called Project Lightning, which keeps hot data in an SSD cache sitting alongside the processor, that’s one powerful hardware platform for tomorrow’s applications,” Harris reports.
Another target could be Violin Memory, a Silicon Valley startup, that recently raised $4o million in a fourth round of funding at a reported value of $800M. Nimbus Data Systems, Kaminario, Virident, Pure Storage, Tintri, and Nimble Storage are also names being thrown around.
XtremIO has raised $25 million in two rounds from Jerusalem Venture Partners (JVP) and Giza Venture Capital, which each apparently hold 20-30 percent of the startup. Other investors include Battery Ventures and Lightspeed Ventures.
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|From: richardred||4/24/2012 1:19:39 PM|
|Sold some TAYD today. Put proceeds into CR-New buy on todays downfall. Earnings were below expectations, but I like the long term prospects and current dividend. I also believe this company has moderate speculative appeal (6). The company is usually the hunter, but with the recent restructuring out of the way. I believe a company could attract interest in due time. RE: Just like United Technologies buying Goodrich only on a smaller scale|
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|To: richardred who wrote (2588)||4/25/2012 12:09:01 PM|
|Bayer eyes multi-billion euro acquisition -sources|
In late March, Bayer Chief Executive Marijn Dekkers said: "Every company of our size is looking for acquisition opportunities. You have to do it to remain competitive."
He has said his M&A focus would be on the healthcare and the genetically-modified seeds industries.
CEO Dekkers, who has a track record of big M&A deals like the creation of lab equipment maker Thermo Fisher, joined Bayer in 2011 and investors have been scouring for clues ever since as to where he plans to take the 148 year-old German drugmaker.
"Dekkers is keen to do something and it could happen within the next couple of days," one of the sources said.
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|From: richardred||4/25/2012 12:22:10 PM|
|New buy-Order was filled yesterday ARTW-Back in after a long exodus from my indirect ethanol plays. |
News today they just are buying a small company. Annual meeting tomorrow.
9:26AM Art's-Way Manufacturing signs letter of intent to purchase Universal Harvester Co. ( ARTW) 6.67 : Based in Ames, Iowa, Universal Harvester Co., Inc., is in the business of fabrication of reels for combines. The transaction is pending final agreement with closing expected during May 2012.
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